NIB to ensure faster clearances of mega infra projects: FM

The government today proposed to set up a National Investment Board (NIB) to monitor and advise ministries on expediting projects entailing investments in excess of Rs 1,000 crore.

The main purpose is to oversee and monitor large projects which will give a fillip to India’seconomic growth, Finance Minister P Chidambaram said. However, it will not be a substitute for the Foreign Investment Promotion Board (FIPB), he clarified.

Replying to questions in the Lok Sabha, Chidambaram said NIB would be a Cabinet Committee on Investments, to be chaired by Prime Minister Manmohan Singh.

[caption id=“attachment_541222” align=“alignleft” width=“380”]  Chidambaram said a Cabinet note on the NIB has been circulated and a decision on it was yet to be taken. AFP[/caption]

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He said there were over 100 projects, each involving investment of Rs 1,000 crore or more, that have been delayed for various reasons.

“Our problem is not conceptualising projects. Our problem lies in getting numerous clearances and getting the project off the ground within a reasonable time,” he said.

Chidambaram said similar arrangements were in place in countries like Japan, Indonesia, Malaysia and Thailand.

“The NIB will monitor projects, advise ministries and help ministries concerned take a decision,” he said.

Chidambaram said a Cabinet note on the NIB has been circulated and a decision on it was yet to be taken.

To a questions, he said the Ministry of Environment and Forests had expressed a different opinion, which has been mentioned in the draft note.

The members of the Cabinet Committee on Investment will be finalised when the Union Cabinet takes a decision to set up the NIB.

PTI